Smaller Homes Are What Boomers Want

Baby boomers looking to move during their retirement are searching for cheaper, smaller homes with easy access to medical care.

According to a recent poll carried out by The Associated Press in conjunction with LifeGoesStrong.com, 1000 adults born between the years 1946 and 1964 were questioned, and the survey showed that those who earned over $100,000 per annum were the likeliest to search for a new retirement home. Of the most important considerations when searching for a new home, 40% cited that the home should be smaller, while 39% required a property near to a hospital or a medical clinic.

About 10% of baby boomers mentioned they would like to relocate to a new city that offered more in the way of retirement services. Meanwhile, only 8% said they were looking for a larger property to live out their retirement years in.

The majority of baby boomers said they do not plan on moving after retirement however, citing the fall in house prices as one of the main reasons why. Many also said their retirement savings plans and personal investments had lost value in recent years, and so they thought staying put was a more financially sensible idea.

Perhaps the most telling statistic, certainly as far as the state of the economy goes right now, is that only 9% of baby boomers thought they would be comfortable financially during their retirement years.